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​ Vegan burger maker sizzles in market debut

Plant-based substitutes for meat have been gaining popularity as more people shift towards vegan or vegetarian diets.

Shares of vegan burger maker Beyond Meat Inc surged 84 percent in their market debut on Thursday, as investors look to cash in on the growing popularity of veganism.

Earlier on Tuesday, the company raised the size and price of its offering after increased demand from investors. The IPO raised $240 million.

The money raised from the IPO gives Beyond Meat firepower to compete with its chief rival and Silicon Valley startup Impossible foods.

Plant-based substitutes for meat have been gaining popularity as more people shift towards vegan or vegetarian diets, amid growing concerns https://reut.rs/2Dri7JQ about animal welfare and the environmental hazards of intensive animal farming.

Burger King and Impossible foods last month started selling their vegan burger Impossible Whopper in 59 stores in and around St. Louis, Missouri.